Question Sample related Introduction to Macroeconomics

ECO 104: Introduction to Macroeconomics

Section 2 & 17

Summer 2010

University X

Assignment 1

Full marks: 10

Time of Submission: Just A week After Assigning, at the end of the class time.

Person to be submitted to :ME

Answer all the questions. The parenthesis carries the credit for each question.

1)      Take a look at the data and find out the following things:

YearPrice of an orangeQuantity of oranges sold (millions)Price of an EggQuantity of eggs sold (millions)
2000515310
2001610230
2002420620

a)      Find out the GDP deflator using 2000 as the base year and find out the implication.                                                                                                        (3)

b)      Take the basket of 2002 and find out the CPI and Inflation rate. State the implications.                                                                                                  (3)

2)      What is the similarity and dissimilarity between the GDP Deflator and CPI?  (4)

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